Global Banking Directory
Press Release Distribution Service
Add Bank | Banking Forum | Scam Alerts!
Earn up to 36% APY on cryptocurrency deposits!
BanksDaily on Twitter BanksDaily on FaceBook BanksDaily on LinkedIn BanksDaily on Instagram

Press Release :: Société Générale

Logo Société GénéraleAt its August 3rd 2010 meeting, the Board of Directors of Societe Generale approved the financial statements for Q2 and H1 2010. With Group net income of EUR 1.08 billion in Q2 2010 (EUR 2.15 billion in H1), Societe Generale has confirmed its rebound.

The Group diversification of its international retail banking operation, continues to see a gradual recovery in the earnings of Specialized Financial Services’ activities as well as the Private Banking, Global Investment Management and Services division and has provided further evidence of the resilience of its market activities and the commercial dynamism of its financing offerings in Corporate and Investment Banking.

Frederic Oudea, the Group's Chairman and CEO, has stated: «H1 2010 testifies to the Group's new commercial momentum with an excellent performance from Retail Banking activities and a satisfactory contribution to the results from Corporate and Investment Banking despite a challenging market environment. The results published today confirm Societe Generale's rebound, while the company's transformation program, presented to the market on June 15th, is already under way, with the first portfolio arbitrages and the launch of projects for the sharing of information systems. In a macroeconomic environment in the process of stabilizing, I am more than ever confident of the Group's ability to achieve the objectives of its Ambition 2015 plan».

The economic recovery which began at end-2009 is growing stronger. However, it remains fragile with the strength of the recovery varying across geographical regions. In Europe, in particular, growth prospects remain moderate and, with the ongoing Greek crisis, a climate of substantial mistrust in relation to the sovereign debt of the most fragile European countries and the euro zone as a whole has spread to the financial and interbank markets.

In order to restore confidence in the European banking system, European regulators published (on July 23rd) the results of stress tests for 91 European banks as well as their exposure to sovereign issuers. This transparency exercise provided confirmation of the financial solidity of the vast majority of European banks, including the four main French banks, which had already proved their resilience during the recent crisis.

The quality of Societe Generale's portfolio of activities, in particular, is demonstrated with an estimated Tier 1 ratio under stress at end-2011 of 10%. Moreover, initial responses have been provided concerning the new banking regulatory framework "Basel III". However, crucial factors such as the ultimate calibration for capital requirements will only be known towards the end of the year.

Source: Société Générale
Date: 04.08.2010
Financial and Banking News
 Why is a white label digital bank the best solution for your business in 2022

In the era of media and technology, everything around us is digitized. After the COVID-19 breakout traditional banking actions were replaced or complemented with fintech services. According to the latest Harris polls and Plaid's survey, it has become paramount for 88% of American consumers' financial lives.

 JPMorgan becomes first major bank in the metaverse, opens lounge in Decentraland

JPMorgan has become the world’s first bank to set up shop in the metaverse. The largest bank in the US has opened a lounge in the blockchain-based world Decentraland.

 5 Tips to Make You Stay On Your Holiday Budget

Budgeting, in general, is a challenging task. We tend to go astray with our budgeting and end up overspending instead. The challenge of budgeting becomes more complicated during the holiday season when sales are everywhere.

 Public-Private Partnership project value exceeds US$223 bn in MENA as delegates gear up to discuss opportunities at the PPP MENA Forum

As many as 242 public-private partnership projects worth US$223 billion (Dh818 billion) are under development in the Middle East and North Africa region, according to recent reports, which is set to go up as project execution picks up with return to normalcy and higher oil price that will fuel economic growth in the Middle East – pushing public-private partnership sector. 07.01.2022 | Source: Great Minds Event Management

 UK bank bans cryptocurrency amid fraud concerns with Binance and Kraken

TSB Banking Group Plc. is set to ban more than 5 million customers from buying cryptocurrencies amid fears over "excessively high" fraud rates on trading platforms, according to a report by the U.K.’s Telegraph newspaper.

 📰 News Archive

2007-2022 © BanksDAILY.com | All Banks in One place